Murray, the No. 7 overall pick in the 2016 NBA Draft, will make approximately $6.6 million the first two seasons and the Nuggets hold contract options for the third and fourth years.
In one season at Kentucky, he averaged 20 points per game, the highest scoring average for a Wildcats player under John Calipari. The shooting guard played in the NBA Summer League and topped 20 points in three games, including 29 points in a win over the Miami Heat.
Miller's two-year contract was reported to be worth approximately $5 million. The 36-year-old veteran played in 47 games for the Nuggets last season and averaged 1.3 points.
Miller also has played for the Cleveland Cavaliers, Memphis Grizzlies, Heat, Washington Wizards and Minnesota Timberwolves, averaging 10.8 points and shooting 40.7 percent from 3-point range in 16 seasons.
Last week, the Nuggets also signed first-round pick Malik Beasley (No. 19 overall) to a rookie contract worth $2.77 million in the first two seasons.